assumed neutral on essentially a 0 change in working capital requirements.


In the government fee for service market, we implemented a new state preferred drug list program.

in the government fee-for-service market we implemented a new state preferred drug list program


coming back to your question concerning internationalization,


It's important to note that while we have a strong order book, there are pockets of weakness in the economy,

it's important to note that while we have a strong order book there are pockets of weakness in the economy


strong and systematic efforts and good work in Brazil.

strong and systematic efforts and good work in brazil


First, as you saw in the release, we posted record levels of revenue and broadcast cash flow

first as you saw in the release we posted record levels of revenue and broadcast cash flow


Basic strategy was also presented when we announced a mid-term plan.

basic strategy was also presented when we announced a midterm plan


And I think it opens up for very interesting potential additional income ideas.

and i think it opens up for very interesting potential additional income ideas


Is there any way you can quantify what that might be or give us a range or anything like

is there any way you can quantify what that might be or give us a range or anything like that


second half bumps along the way or do you think you really started to get your footing here?

second half bumps along the way or do you think you've really started to get your footing here


In other words, if demand for capacity is expected to remain sluggish and pricing improvement is muted,

in other words if demand for capacity is expected to remain sluggish and pricing improvement is muted


Then on fuel, can you repeat specifically what your question is?

then on fuel can you repeat specifically what your question is


Let me now provide some color on regional performance for both revenue and margins.

let me now provide some color on regional performance for both revenue and margins


So without getting into specific details on where we might be cutting trade spend or

so without getting into specific details on where we might be cutting trade spend or


and potential of Compugen. Since this is one of the pillars

and potential of compugen since this is one of the pillars


because of the allocation of our operation companies instead of the holding.


And so we did not buy into that space. It's overpriced significantly.

and so we did not buy into that space it's overpriced significantly


which was delayed slightly in the first quarter and has now begun shipping.


one is development fee and the second one is a management fee

one is a development fee and the second one is a management fee


We've also had the benefit of adding


will be gradually widening as we continue to improve our profitability.


And we will keep building and operating best-in-class infrastructure in the best places in the country.

and we will keep building and operating best-in-class infrastructure in the best places in the country


And then also while we're at it, the timing and ramping of the one but not yet funded pipeline

and then also while we're at the timing and ramping of the one but not yet funded pipeline


have occurred and started in earnest with a combination of

have occurred and started in earnest with the combination of


in terms of looking at the -- how well a company is doing in terms of revenue


the driver behind that were these factors that I saw and it was particularly in February,

the driver behind that were these factors that i saw and it was particularly in february


I would like to turn the conference back over to John Chironna for any closing remarks.

i would like to turn the conference back over to john corona for any closing remarks


Well, you know how important Las Vegas is to Southwest. And

well you know how important las vegas is to southwest and


As an organization, our purpose is to bring energy to life. So what does this mean?

as an organization our purpose is to bring energy to life so what does this mean


Thanks, Vic. And I'd like to take this opportunity to say how excited I am to be joining Immersion.

thanks vic and i'd like to take this opportunity to say how excited i am to be joining immersion


We already have the strategy practically in place. And our process of

we already have the strategy practically in place and our process of


It's difficult to see all the evidence of that just yet,

it's difficult to see all the evidence of that just yet


the productivity of the front office. And we have last year substantially enlarged

the productivity of the front office and we have last year substantially enlarged


Gross profit decreased slightly as a percentage of adjusted net sales, primarily from

gross profit decreased slightly as a percentage of adjusted net sales primarily from


pretty rapidly right now, and I would imagine you'll be talking to your investors in the coming weeks and months.

pretty rapidly right now and i would imagine you'll be talking to your investors in the coming weeks and months


Now I will turn the call over to Gary Heminger for opening remarks and highlights. Gary?

now i will turn the call over to gary heminger for opening remarks and highlights gary


Whilst water and industrial grew in line with the division as a whole, power declined.

whilst water and industrial grew in line with the division as a whole power declined


I believe we had lost our way on many of these factors over the last year or so and are

i believe we'd lost our way on many of these factors over the last year or so in our


that shows the accretiveness of that transaction of 5% to 10%. But beyond that can't give you any

that shows the accretiveness of that transaction of 5% to 10% but beyond that can't give you any


as the net decline in fair value more than offset the core earnings for the quarter.


Based on industry data for the months of January and February and our company estimates for the month of March,

based on industry data for the months of january and february and our company estimates for the month of march


advantage of the current environment. But overall, we are seeing a more challenging environment, which I think will

advantage of the current environment but overall we are seeing a more challenging environment which i think will


and the value is really difficult for us to get our hands on.


So is there a bit of this project selectivity playbook that you're running?

so is there a bit of this project selectivity playbook that you're running


in -- for price this year for the business where it's relevant? I think it's probably

in -- for price this year for the business where it's relevant i think it's probably


beyond what we're willing to pay because they have other reasons to try to get bigger via that route.


current active pipeline and work on the current portfolio


And the emergence of white box transceivers promises to fill that void.

and the emergence of white box transceivers promises to fill that void


it's just one of those that has a little more leakage to it than I would like to do, so that's why we call it kind of

it's just one of those that has a little more leakage to it than i would like to do so that's why we call it kind of


The automation also frees up more time for our compliance staff to focus on more complex tasks.

the automation also frees up more time for our compliance staff to focus on more complex tasks


Based on this initial strong demand, we expect great things in the immediate future.

based on this initial strong demand we expect great things in the immediate future


As those equity proceeds are invested and as we move to utilize at least a portion

as those equity proceeds are invested and as we move to utilize at least a portion


some investments are needed, and I've talked about these in the past. Just to outline a few of them.

some investments are needed and i've talked about these in the past just to outline a few of them


clinically meaningful reduction in the number of bleeds.

clinically meaningful reduction in the number of relapse


Isn't -- in reality, isn't the reason you're doing that because you need the cash to pay the hybrid?

isn't -- in reality isn't the reason you're doing that because you need the cash to pay the hybrid


although we expect CapEx to be some tens of millions lower again.

although we expect capex to be some tens of millions lower again


of the booster vaccine at Week 0. And these are the data that we've previously reported.

of the booster vaccine at week 0 and these are the data that we previously reported


who had a weak immune response, for those who were lower than the median

who had a weak immune response so those who were lower than the median


If you just look at the core business back on the topic of green shoots,

if you just look at the core business back on the topic of green shoots


key indicators are you waiting for that might suggest that pricing pressures are finally lifting?


that the evolution of the core operating income was very sustainable


I would like to make a few comments on operating profit at the bottom.

i would like to make a few comments on operating profit at the bottom


Thank you, Sandra, and thanks to all of you for taking the time to participate on our call today.

thank you sandra and thanks to all of you for taking the time to participate on our call today


so that had an impact. So all of those things kind of pull together to make a perfect storm.

so that had an impact so all of those things kind of pulled together to make a perfect storm


So the engagement is extremely high globally.

so the engagement is extremely high globally


Connect is such a powerful platform, and we have seen the positive impact on retention.

connect is such a powerful platform and we have seen the positive impact on retention


Third quarter is typically a stronger quarter, and it's pretty consistent with what it was last year.

third quarter is typically a stronger quarter and it's pretty consistent with what it was last year


We also announced key leadership and organizational changes. Alan White and I

we also announced key leadership and organizational changes alan white and i


any impact on the market from the new supply out of Big River Steel at this point?

any impact on the market from the new supply out of big river steel at this point


And despite the product challenges that we have had with Physio-Control and Sage,

and despite the product challenges that we have had with physiocontrol and sage


We expect working capital to improve in the coming quarters

we expect working capital to improve in the coming quarters


or you start reducing that from your net interest income line


some of the tax laws and some of the other things going on, and some of depreciation and

kind of some of the tax laws and some of the other things going on and some of depreciation


our overall fall protection backlog was about 40% higher at the end of the first quarter


These statements are not guarantees of our future performance, financial condition or results

these statements are not guarantees of our future performance financial condition or results


a home appliance company we invested in underwent restructuring,


foreign players cannot dominate.


Here's just a few of the specifics to give you a feel for where our confidence is coming from.

here's just a few of the specifics to give you a feel for where our confidence is coming from


Second, we expect to grow in our traditional customer groups and we will move beyond them.

second we expect to grow in our traditional customer groups and we will move beyond them


I would say that we are pleasantly surprised at the cultural

i would say that we are pleasantly surprised at the cultural


I have a question about your segmented reporting. So you have the Jamieson Brands

have a question about your segmented reporting so you have the jamieson brands


that we will be doing shortly. This will lead to discussions with

that we will be doing shortly this will lead to discussions with


a big trough model we have today to an equal flow model,

the peak trough model we have today to an equal flow model


While it's not clear how incentives will be structured for electric distribution networks at this time,

while it's not clear how incentives will be structured for electric distribution networks at this time


We have implemented the provisions of the accounting standard under the modified retrospective method. The

we have implemented the provisions of the accounting standard under the modified retrospective method


in the fourth quarter of last year. Our first phase was back during the big recession,

in the fourth quarter of last year our first phase was back during the big recession


stemming from actions we are taking to shape the business for our long-term success.


Advisory business, where we have seen some bigger transactions

advisory business where we have seen some bigger transactions


cost development for the remainder of the year are on the one hand,


And having deeper integrations, better access to that

and having deeper integrations better access to that


Behind the scenes, somebody could be thinking that way, but we don't see it as a dominant factor.

behind the scenes somebody could be thinking that way but we don't see it as a dominant factor


As many of you know, this definition was derived in conjunction with the NEPTUNE Consortium

as many of you know this definition was derived in conjunction with the neptune consortium


While we are proud of the significant progress we have made in our margins in the past several quarters,

while we are proud of the significant progress we have made in our margins in the past several quarters


In the left, we can see the international activity. Main building in the international

in the left we can see the international activity main building in the international


and the statistics regarding the portfolio. With that, let me turn the call over to Mays.

and the statistics regarding the portfolio with that let me turn the call over to mace


We believe we've made great progress on the strategy that we've implemented.

we believe we've made great progress on the strategy that we've implemented


And so you should have the ability to identify where the specific credit risks are.

and so you should have the ability to identify where the specific credit risks are


a lot of variable costs associated with the termination portion of it.


But really, when you get into managing the business and understanding how that eventually yields margins,

but really when you get into managing the business and understanding how that eventually yields margins


So I think we put on something like 300 loans in the third quarter

so i think we put on something like 300 loans in the third quarter


throughout the whole year. We're not seeing price compression in the core channel. So it really came from the new channels.

throughout the whole year we're not seeing price compression in the core channels so it really came from the new channels


The other effect is I think you see that we have actually run down our commercial paper,

the other effect is i think you see that we have actually run down our commercial paper


wind generation for the remainder of the year based on 5 years of historic levels


and will be the same thing there, which is preclude them from being a part of the arbitration

and we'll do the same thing there which is preclude them from being a part of the arbitration


And gas utilities should continue with their modernization and integrity projects.

and gas utilities should continue with their modernization and integrity projects


I'm happy to say that in the third quarter, we made progress in all 3 areas.

i'm happy to say that in the third quarter we made progress in all 3 areas


Airlines throughout the world are experiencing growing demand and reporting strong profits.

airlines throughout the world are experiencing growing demand and reporting strong profits


but we understand that the Ministry is going to

but we understand that the ministry is going to


limited number of depository institutions in the Chicago marketplace

limited number of depository institutions in the chicago marketplace


I need to remind you that certain comments made during this call may constitute forward-looking statements

i need to remind you that certain comments made during this call may constitute forward-looking statements


So we're very careful. Everything we do in the company is driven by

so we're very careful everything we do in the company is driven by


away from a very complex regional and line of business organization


And with that, I'll turn the discussion back over to Stan for some closing remarks.

and with that i'll turn the discussion back over to stan for some closing remarks


accelerate that with our amazing distribution team and all the deep customer relationships we've had


are attracted to having Teekay own and operate their infrastructure assets

are attracted to having tek own and operate their infrastructure assets


just a matter of getting vehicles there that can use the LNG infrastructure that's already in place.

just a matter of getting vehicles there that can use the lng infrastructure that's already in place


Expanding our product categories is another component of our retail growth strategy.

expanding our product categories is another component of our retail growth strategy


the embedded supply chain benefits and sustained investment in the Spekko brand will support

the embedded supply chain benefits and sustained investment in the specko brand will support


However, Hanjin's travails may also serve as a useful wake-up call for the industry

however hanjin's travails may also serve as a useful wake-up call for the industry that


outstanding customer and vendor relationships and excellent customer service.


On point one, many cancers have a high mutational burden,

on point one many cancers have a high mutational burden


As noted in the Form 10-K, we have taken a number of steps to alleviate our liquidity situation,

as noted in the form 10-k we have taken a number of steps to alleviate our liquidity situation


although we are still confident they may soon turn into awards.

although we are still confident they may soon turn into our words


As you well know, the sector is going through a severe crisis,

as you well know the sector is going through a severe crisis


once we go to the market. We believe that this is going to be an event that's probably going to

once we go to the market we believe that this is going to be an event that's probably going to


we settled some claims in Q1 of this year that relates to the past

we settled some claims in q1 of this year that relates to the past


an attractive proposition over current standard of care based on the market research we've completed.

an attractive proposition over current standards of care based on the market research we've completed


this category. And I think the reason I mention all that is if you take that blueprint

this category and i think the reason i mention all that is if you take that blueprint


is sort of an achievable aspiration given the areas of the business where you want to continue to invest?


Factors that could cause actual results to differ materially from management's current expectations

factors that could cause actual results to differ materially from management's current expectations


These statements are not guarantees of our future performance, financial condition or results

these statements are not guarantees of our future performance financial condition or results


as well as with new opportunities for integrating multiple dies into a single die

as well as with new opportunities for integrating multiple dyes into a single dye


in order to accomplish that, we're going to need to improve across all of our businesses within claims.

in order to accomplish that we're going to need to improve across all of our businesses within claims


since we believe a significant portion of our customers are below target utilization levels.


to mitigate the continued impact of competitive factors on net interest margin over the near term.


The power outage severity environment remained very low during the quarter, but was consistent with our previous guidance.

the power outage severity environment remained very low during the quarter but was consistent with our previous guidance


we believe that pharma will continue to fund them aggressively. We think that they have

we believe that pharma will continue to fund them aggressively we think that they have


These declines were partially offset by positive revenue trends in Gannett's digital products,

these declines were partially offset by positive revenue trends in gannett's digital products


Just with the throughput, can you see that going up to the 60,000 tons

just with the throughput can you see that going up to the 60 000 tonnes


even though for these clients we may choose to remain their primary, in fact,

even though for these clients we may choose to remain their primary in fact


Recent actuarial valuation reviews have resulted in a reserve release,

recent actuarial valuation reviews have resulted in a reserve release


Distribution for this product is building with trials now in place at a growing number of Bunnings stores.

distribution for this product is building with trials now in place at a growing number of bunnings stores


I am very pleased to report that we returned to growth this quarter.

i am very pleased to report that we returned to growth this quarter


licensed merchandise and accessories to all major retailers across the region.


This is especially impressive since Mikes renovated 7 restaurants during the quarter.

this is especially impressive since mikes renovated 7 restaurants during the quarter


may -- which might be spent in the second half of this year and which were not spent


Now if we look at the full year fiscal '19 outlook and you can turn to Slide 8 for that.

now if we look at the full year fiscal '19 outlook and you can turn to slide 8 for that


At some future time, it might be the time to do that. So I just wanted to

at some future time it might be the time to do that so i just wanted to


The first one is the fact of increasing geopolitical risks.

the first one is the fact of increasing geopolitical risks


is the tax rate you are expecting for this financial year -- for the final year of the medium-term

is the tax rate you are expecting for this financial year -- for the final year of the medium term


relative performance or is this actually a tangible driver of your Asian sales?

relative performance or is this actually a tangible driver of your asian sales


We have a significant amount of above market rates and unused commitments back if restructured,

we have a significant amount of above market rates and unused commitments that if restructured


offset some of the cost of that as customers are changing their behavior. So

offset some of the cost of that as customers are changing their behavior so


while committing to further net cost reductions at the same time,


Like what should we think about in terms of the additional interest ENB would have in that project?

like what should we think about in terms of the additional interest dmd would have in that project


to finish up some of the smaller items and tankage and some other things on our Eastern Access project

to finish up some of the smaller items some tankage and some other things on our eastern access project


that then informs a strategy that cuts across our entire organization. And so while

that then informs a strategy that cuts across our entire organization and so while


we are running our business debt-free and with a considerable cash position,


will be lowered to a range of 17% to 19% based on our current business profile.


we can say that the number and quality of third-party inbound inquiries and discussions


or discoveries, and the acreage capture that we've been able to pick up

or discoveries and the acreage capture that we've been able to pick up


Each of these services are offered on the cloud. In other words,

each of these services are offered on the cloud in other words


significant lead, if you will, because of the existing components that are deployed,

significant lead if you will because of the existing components that are deployed


and Kirk serves as the President of Brand Solutions at Google.

and kirk serves as the president of brand solutions at google


So we are going to be taking a look at it across where our growth targets are,

so we are going to be taking a look at it across where our growth targets are


I will go into more detail on my initial observations later in the call.

i will go into more detail on my initial observations later in the call


which is generally consistent with the 3-year-out figures we typically present on this call each year.

which is generally consistent with the 3-year out figures we typically present on this call each year


Our priority now will be to reinvest to further savings behind improved volume growth.

our priority now will be to reinvest further savings behind improved volume growth


the first quarter is consistently the weakest quarter performance of the year.

and the first quarter is consistently the weakest quarter performance of the year


we just want to make sure that it's in environments and we're surrounded by


So there are some risks though none of them have materialized yet.

so there are some risks though none of them have materialized yet


diligence process and preclose. But then you're saying

diligence process and pre-close but then you're saying


As far as the sort of charges, I think we're largely beyond the charges. As far as the benefits,

as far as the sort of charges i think we're largely beyond the charges as far as the benefits


and the continued expansion of our installed base and higher device utilization.


The strength of our platform provides customers with a full range of service options

the strength of our platform provides customers with a full range of service options


Last but not least, we also here are communicating on

last but not least we also here are communicating on


taking all comers, and perhaps stratifying for presence or absence

taking all comers and perhaps stratifying for presence or absence


And so far, our approach has been more to create a good place to stay versus

and so far our approach has been more to create a good place to stay versus


We have completed our review of Media, and I'll come back to that later

we have completed our review of media and i'll come back to that later on


integration or data flows can be registered as services in the catalog.


In addition, Phoenix Life continues to execute value-added

in addition phoenix life continues to execute value-added


and their people are very professional and very good. So we're

and their people are very professional and very good so we're


We've been focusing on locking in new leases earlier on to take advantage of the good terms currently available.

we've been focusing on locking in new leases earlier on to take advantage of the good terms currently available


expense that we need to keep in mind with AIS? Or are we all done with that next quarter?

expense that we need to keep in mind with ais or are we all done with that next quarter


under our expectations, and I think you're right in terms of the kind of gap

under our expectations and i think you're right in terms of the kind of gap


whereas both market and counterparty risk benefited from lower volatility in the financial markets.

whereas both market and counterparty risk benefited from low volatility in the financial markets


And so we have seen, as we've gone back for half a decade, a decade or more,

and so we have seen as we've gone back for half a decade a decade or more


And so we clearly do that to protect what I see as the downside.

and so we clearly do that to protect what i see as the downside


basically made whole for many lower purchase price we get because

basically made whole from any lower purchase price we get because


an example of which you see on the right side of the slide.


In addition, we have identified new opportunities to improve our integrated business capabilities

in addition we have identified new opportunities to improve our integrated business capabilities


to move forward in some of these initiatives that we're talking about today or we're talking about right now

to move forward in some of these initiatives that we're talking about today or talking about right now


So we're being more aggressive there and delivering our value proposition.

so we're being more aggressive there and delivering our value proposition


and provide a personalized experience for each subscribers and leverage

and provide them personalized experience for each subscriber and leverage


Selling cheap at early days has been a bad habit of the industry for numerous years.

selling cheap at early dates has been the bad habit of the industry for numerous years


And I'm just wondering, assuming there is no global recession in the next few years,

and i'm just wondering assuming there is no global recession in the next few years


Similarly, we are adjusting our gross and operating margin ranges up 50 basis points,

similarly we are adjusting our gross and operating margin ranges up 50 basis points


be further catalyst to generate meaningful customer account and receivables growth.

will be further catalyst to generate meaningful customer account and receivables growth


For July, we hope to provide you with clarity on our priorities and plan.

for july we hope to provide you with clarity on our priorities and plan


continues to attract brokers and prospective tenants.


will be a game changer for our company going forward. Turning to Media,

will be a game changer for our company going forward turning to media


coincidence on timing than anything else that some of the bigger deals have happened when they have.


So I think we're going to take care of our customers and the growth opportunities,

so i think we're going to take care of our customers and the growth opportunities


can you guys give us a sense, do you have the numbers available of

can you guys give us a sense do you have the numbers available of


Brian will provide more color by segment in just a few minutes.

brian will provide more color by segment in just a few minutes


And what does demand look like and what is the profile of patients being treated,

and what does demand look like and what is the profile of patients being treated


all products available to reduce the scours incidence on the farm.


Our focus on marketing to expand our reach to more consumers.

our focus on marketing to expand our reach to more consumers


Last week, we announced our support of the DEA's National Drug Take Back

last week we announced our support of the dea's national drug take back


This concludes today's teleconference. You may disconnect your lines at this time, and have a great day.

this concludes today's teleconference you may disconnect your lines at this time and have a great day


Okay. And then as far as what you're going to be adding to their bags some of these

okay and as far as what you're going to be adding to their bag some of these


And just by the nature of their business, the numbers of

and just by the nature of their business the numbers of


And so I'm kind of back to more of a normal mid-cycle in my own thinking in terms of that.

and so i'm kind of back to more of a normal mid-cycle in my own thinking in terms of that


I realize that there's a lot of negativity around manufacturing,

i realize that there's a lot of negativity around manufacturing


Now I'll turn it over to Steve to provide more details on our fiscal '17 performance

now i'll turn it over to steve to provide more details on our fiscal '17 performance


you have quite a bit of an aggressive plan to hire additional headcount. And from

you have quite a bit of an aggressive plan to hire additional headcount and from


which will be referred to as cash balances for the remainder of today's discussion.


Refined products transportation volumes on our wholly-owned and joint venture pipelines

refined products transportation volumes on our wholly owned and joint venture pipelines


What has changed since early this year is the general sentiment of the market

what has changed since early this year is the general sentiment of the market


and will allow us to attract and retain higher caliber managers in the future.


Our sales and marketing campaigns around our enhanced capabilities have just begun,

our sales and marketing campaigns around our enhanced capabilities have just begun


how do we build our platforms in each of those verticals to give us more scale benefits


with where we are. And certainly, as you think about the base growth and our ability to effectively

with where we are and certainly as you think about the base growth and our ability to effectively


while continuing to improve profitability and operating cash flow.


all with a focus on improving our margin and creating a more customer-centric environment.


Our new combined sales team is performing even better than we expected.

our new combined sales team is performing even better than we expected


in the teams that we have out there. So these are very good businesses. We're very pleased to have acquired them.

and in the teams that we have out there so these are very good businesses we're very pleased to have acquired them


We have adopted a dividend policy effective March 1 that we believe achieves the following.

we have adopted a dividend policy effective march 1 that we believe achieves the following


Our expectations haven't changed. We still have a lot of work that we're doing with them.

our expectations haven't changed we still have a lot of work that we're doing with them


Looking at the land and land development bucket on the balance sheet,

looking at the land and land development bucket on the balance sheet


Finally, I'd like to thank all of our team members for a job well done this quarter.

finally i'd like to thank all of our team members for a job well done this quarter


As for the life cycle of beverage products,

as for the life cycle of beverage products


Looking ahead, we continue to evaluate strategies to grow in the Netherlands.

looking ahead we continue to evaluate strategies to grow in the netherlands


So there's still confidence and lots of confidence in this strategy announced

so there's still confidence and lots of confidence in the strategy announced


Distributions sales are expected to be down slightly for the year, given current market conditions.

distribution sales are expected to be down slightly for the year given current market conditions


we will be reporting non-GAAP adjusted revenue and related measures for the prior-year periods.

we will be reporting non-gaap adjusted revenue and related measures for the prior year periods


But has that changed at all to include maybe Atlanta or something like that?

but has that changed it at all to include maybe atlanta or something like that


I mean today, you have an advantage that not all competitors have.

i mean today you have an advantage that not all competitors have


on the excellent e-commerce performance of the company.


I think that the large part of that decline

i think that the large part of that decline


Market penetration of our technology at least in the hands of one consortia member, if not more

market penetration of our technology at least in the hands of one consortium member if not more


priority one. From more specifics at the integration level, think about it at a

priority one from more specifics at the integration level think about it at a


And the fact of the matter is an owner today is fortunate if he gets 2 bids

and the fact of the matter is an owner today is fortunate if he gets 2 bids


We need to constantly question our business model and how we operate.

we need to constantly question our business model and how we operate


The increase in net loss attributable to common stockholders for the 9 month period

the increase in net loss attributable to common stockholders for the 9-month period


and walk them through the new strategic direction of our company.


So that is a natural buffer and one of the strengths of having the brands positioned

so that is a natural buffer and one of the strengths of having the brands positioned


in terms of the power projects that you referenced, are those

in terms of the power projects that you referenced are those


Order activity accelerated into the fourth quarter in the West and Southeast.

order activity accelerated into the fourth quarter in the west and southeast


So if diesel is a big component of that


We have begun to see the contribution from the launch of our new magicJack Connect app.

we have begun to see the contribution from the launch of our new magic jack connect app


acquired NPH, stayed disciplined on expenses to drive operating leverage

acquired mph stayed disciplined on expenses to drive operating leverage


The 2 challenges that we have, if I may say, which are not surprising, I think any business

the 2 challenges that we have if i may say which are not surprising i think any business


Those end customers that have signed up and responded have responded positively,

those end customers that have signed up and responded -- have responded positively


This season highlighted the importance and success of our increasingly sophisticated marketing efforts.

this season highlighted the importance and success of our increasingly sophisticated marketing efforts


So please, if you correct that in your notes. It's still a good ASP increase,

so please if you correct that in your notes it's still a good asp increase


to shift over time, as we redeploy capital into these new strategies.

to shift over time as we redeploy capital into these new strategies


and we also had professional fees coming through to support the delivery of the IGNITE program.

and we also had professional fees coming through to support the delivery of the ignite program


We continue to see favorable trends as demonstrated by the strength of our pipeline,

we continue to see favorable trends as demonstrated by the strength of our pipeline


So the way to look at this from a clean perspective on the operating power of the business in the quarter

so a way to look at this from a clean perspective on the operating power of the business in the quarter


you should have a good contractor on whom the banks can bank for completing the project.


Good morning. My name is Sharon, and I will be your conference operator today.

good morning my name is sharon and i will be your conference operator today


So I take it that these expenditures come out of the advertising funds?

so i take it that these expenditures come out of the advertising fund


which amendments reduced our midterm exposure to the spot market

which amendments reduce our midterm exposure to the spot market


after the date of this conference call. Now I'd like to turn the call over to Steve.

after the date of this conference call now i'd like to turn the call over to steve


stay at about the same level, which you can keep competing for the same amount of revenue contribution?

stay at about the same level where you can keep competing for the same amount of revenue contribution


and providing solid returns to build capital and reward shareholders.


We continue our focus on all executable activities of the business.

we continue our focus on all executable activities of the business


services are not affected by that. Our own staff costs are not affected by that.

services are not affected by that our ongoing staff costs are not affected by that


We expect margins to improve over time as our investments drive revenue growth.

we expect margins to improve over time as our investments drive revenue growth


With that, I will turn the call back over to Guillermo for closing remarks.

with that i will turn the call back over to guillermo for closing remarks


to the domestic growth rate from all of the currency


These results demonstrate the value of our highly integrated business model,

these results demonstrate the value of our highly integrated business model


Thank you for your time today. Let me hand you back to Graham before we take questions.

thank you for your time today let me hand you back to graham before we take questions


foreign exchange headwinds? Should we be looking at sort of more like low single digits and potentially even

foreign exchange headwinds should we be looking at sort of more like low single digits and potentially even


your home as well as we possibly can. How to get a frozen shake to your home

to your home as well as we possibly can how to get a frozen shake to your home


However, the integration between the acute and physician environments is often weak.

however the integration between the acute and physician environments is often weak


The sales cycle for a modular solution is much shorter than for end-to-end.

the sales cycle for a modular solution is much shorter than for end-to-end


As a management team, we've been in the memory business for a very long time and we understand it well.

as a management team we've been in the memory business for a very long time and we understand it well


These patients started from a lower than normal baseline systolic blood pressure.

these patients started from a lower than normal baseline systolic blood pressure


but we'll also be really rigorous in ensuring that these are patients who are able to report those symptoms with accuracy.


I'll provide the usual walks and commentary on the sales operating profit and operating cash

i'll provide the usual walks and commentary on the sales operating profit and operating cash


On disclosure of certain details, so what is the dialogue happening on that front?

on disclosure of certain details so what is the dialogue happening on that front


a very big difference than the RF SOI, but on the margin side, it's a very big difference.

a very big difference than the rfsoi but on the margin side it's a very big difference


really need our capabilities and technology to enable their own business goals.


The claims issues I just described add some pressure and will take a few quarters to resolve.

the claims issues i just described add some pressure and will take a few quarters to resolve


Cloud security was a major contributor to overall security spend,

cloud security was a major contributor to overall security spend


In summary, we're very pleased with the company's overall strong performance for the third quarter.

in summary we are very pleased with the company's overall strong performance for the third quarter


There isn't a clear rule of thumb.


And then what kind of profitability levels are we thinking about relative to the current portfolio?

and then what kind of profitability levels are we thinking about relative to the current portfolio


as we get into the back half of the year, early part of next year, we'll provide more guidance on that.

as we get into the back half of the year early part of next year we'll provide more guidance on that


The RMS operating margin is expected to be relatively flat

the rms operating margin is expected to be relatively flat


produce some continuity to the mineralization in this area it will


We continue to evaluate and advance planning also for other new projects to add to this list.

we continue to evaluate and advance planning also for other new projects to add to this list


Masters and based on import statistics, we make our best view around all those sort of things. So

masters and based on import statistics we make our best view around all those sort of things so


I will also point out that for the year-over-year comparisons that we will provide,

i will also point out that for the year-over-year comparisons that we will provide


Final slide for me, this just sets the movement in our share price relative

final slide for me this just sets the movement in our share price relative


But look, I would say if there's anything that changed from the last time we spoke till now,

but look i would say if there's anything that changed from the last time we spoke till now


brings to them, and have also communicated opportunities to further expand our relationships.

brings to them and have also communicated opportunities to further expand our relationships


partially offset by increased EBITDA. Moving now to exchange.

partially offset by increased ebitda moving now to exchange


As you have heard us say, we are focused on improving our operations as they stand today.

as you have heard us say we are focused on improving our operations as they stand today


We plan to continue to do everything within our power to return value to our stakeholders.

we plan to continue to do everything within our power to return value to our stakeholders


how far you have come and when we can start to see the positive impacts from these investments?


We have successfully delivered against a number of key initiatives,

we have successfully delivered against a number of key initiatives


which will push the total business line into small minus for this year.


Also, operationally, we had a very safe and successful second quarter.

also operationally we had a very safe and successful second quarter


this year and sort of this one-time noncash charge that we had for the onerous lease,

this year and sort of this onetime noncash charge that we had for the onerous lease


Our Production Enhancement segment is expected to experience continued growth

our production enhancement segment is expected to experience continued growth


and employing new Core Lab technologies like our Digital Rock Characterization services,

and employing new core lab technologies like our digital rock characterization services


A, where we've seen over the last 6 months or so a bunch of interesting assets trade in specialty space,

where we've seen over the last 6 months or so a bunch of interesting assets trade in the specialty space


And since January 1, how many of them have actually rolled back to being commercial patients?

and since january 1 how many of them have actually rolled back to being commercial patients


I found it appropriate to open with a few comments describing how I had spent my first 100 days in the role.

i thought it appropriate to open with a few comments describing how i've spent my first 100 days in the role


And then on the Hydratight distribution, this is something that Jeff and I are pretty passionate about. Because

and then on the hydrotite distribution this is something that jeff and i are pretty passionate about because


In summary, this was a good quarter for our teams and a great basis for the balance of the year.

in summary this was a good quarter for our teams and a great basis for the balance of the year


And on the other side, Roger is running a very good diversified Industrial business.

and on the other side roger is running a very good diversified industrial business


But we see significant growth there. We really have not commented on what kind of penetration we feel that we can have there,

but we see significant growth there we really haven't commented on what kind of penetration we feel that we can have there


personally like having the optionality that we have with that business.


The global economy started the year with modest growth.

the global economy started the year with modest growth


The next slide provides additional detail on sources and uses of cash.


And -- but obviously, he's trying to win Pennsylvania as well, and I think that -- so we have to deal with that.

and -- but obviously he's trying to win pennsylvania as well and i think that's -- so we have to deal with that


but it's a little difficult to get people with the skills.


We have a robust pipeline of Commercial Behavioral Health, advanced imaging,

we have a robust pipeline of commercial behavioral health advanced imaging


and we don't intend to keep filling this vital role without receiving commensurate compensation.


we have yet to fully realize the benefits given many of the reductions occurred in the fourth quarter.

we have yet to fully realize the benefit given many of the reductions occurred in the fourth quarter


So in summary, we've delivered the expected group profitability.

so in summary we've delivered the expected group profitability


and we have made investments to position the company for future success.


for the first phases of that infrastructure and it's moving forward to be built.


You may disconnect your lines at this time. Thank you for your participation.

you may disconnect your lines at this time thank you for your participation


a risk to revenues that might not come because other customers decide to do


total segment that we haven't seen in some time starting here in the second half of the year.


just because oil was down. I mean, we were driving margin when oil was up

just because oil was down i mean we were driving margin when oil was up


much longer than we anticipated and some other things because that's where that business is going to run out of.

much longer than we anticipated and some other things because that's where that business is run out of


all with the aim of preserving or expanding current operating margins.


In order to protect this valuable contribution of revenue and employment for the state, it's our hope

in order to protect this valuable contribution of revenue and employment for the state it's our hope


As you can see from the regulatory effects that we have seen in Q4, you can see

as you can see from the regulatory effects that we have seen in q4 you can see


We had a strong year capped by record quarterly shipments of our self-lube bearings.

we had a strong year capped by record quarterly shipments of our self-lube bearings


any comments you might be able to offer on how April is feeling right now?

any comments you might be able to offer on how april is feeling right now


Before I start though, I'd like to first share some of the assumptions underlying our current views.

before i start though i'd like to first share some of the assumptions underlying our current views


we believe we need to manage the company with this


Before I finish, I wanted to share with you an important update.

before i finish i wanted to share with you an important update


we do compete against all of the players that are in the microwave business,


but what we're going to ask in return is we don't take any risk on selling assets. We're going to be

but what we're going to ask in return is that we'll take any risk on selling assets we're going to be


I think where we're at today is as we think about what's going to differentiate us further

but i think where we're at today is as we think about what's going to differentiate us further


We expect yield and volume growth at all of our transportation segments will support

we expect yield and volume growth at all of our transportation segments will support


In Medicaid we continue to expect strong revenue growth in 2018. And

in medicaid we continue to expect strong revenue growth in 2018 and


We want to help as many of our patients as possible to be treated by these doctors.

we want to help as many of our patients as possible to be treated by these doctors


If you look at the picture on the left side,

if you look at the picture on the left side


they can be in the low teens. We've had a couple in the high single digits. It's kind of across the board.

they can be in the low teens we've had a couple in the high single digits it's kind of across the board


In addition to strong financial performance, we also experienced very positive distribution results.

in addition to strong financial performance we also experienced very positive distribution results


Now the challenges have been mitigated in terms of resizing the business.

now those challenges have been mitigated in terms of resizing the business


During the third quarter, we continue to advance on the required preconstruction activities,

during the third quarter we continued to advance on the required pre-construction activities


Our bookings and revenue are coming from a broader set of key programs than in the past.

our bookings and revenue are coming from a broader set of key programs than in the past


In addition, our underlying business engines are not running at full speed.

in addition our underlying business engines are not running at full speed


in the second half of 2017. With that, I will turn the call back over to Matthew.

in the second half of 2017 with that i will turn the call back over to matthew


And apart from new capital sources, we continue to benefit from reinvestments on the platform.

and apart from new capital sources we continue to benefit from reinvestments on the platform


And not only does that bring a significant amount of definition

and not only does that bring a significant amount of definition


we have not included such receipts in our cash estimates for the year.


So there is still a way to go, but it's unlocking and progressing week after week.

so there is still a way to go but it's unlocking and progressing week after week


through an appeal process or medical necessity request.


out of strategic credit, and more interest on the part of clients as well.

out of strategic credibility and more interest on the part of clients as well


and the loss of simultaneous substitution advertising rights for the Super Bowl.

and the loss of simultaneous substitution advertising rates for the super bowl


as this solution takes hold. I am looking for increased margins on these products

as these solution takes hold i am looking for increased margins on these products


and the second factor is the appropriateness of the various accounting treatment that is being done.


I will now turn the call over to Russell to take you through the first quarter financial highlights in more detail.

i will now turn the call over to russell to take you through the first quarter financial highlights in more detail


of 2018 to prove this out, so please stay tuned for further updates on this topic.

of 2018 to prove this out so please stay tuned for further updates on this topic


We will keep you apprised of these potential future benefits as they are identified.

we will keep you apprised of these potential future benefits as they are identified


Thank you, ladies and gentlemen. This does conclude today's teleconference. You may disconnect your lines at this time,

thank you ladies and gentlemen this does conclude today's teleconference you may disconnect your lines at this time


and the contribution of the efficiency program


ensuring we are allocating resources in areas where we can generate the highest returns


In today's environment, supply chains are incredibly flexible.

in today's environment supply chains are incredibly flexible


You can see here that, as the second quarter ramped up, we started picking up operating leverage.

you can see here that as the second quarter ramped up we started taking up operating leverage


The assets added to the already attractive characteristics of our existing portfolio

the assets added to the already attractive characteristics of our existing portfolio


Overall, we continue to see a favorable global business climate driving stable demand for our products

overall we continue to see a favorable global business climate driving stable demand for our products


and set up pretty much from scratch new plants in Eastern Europe.

and set up pretty much from scratch new plants in eastern europe


I would say that overall, the patient populations in the ADVOCATE trial

i would say that overall the patient populations in the advocate trial


This doesn't mean we wouldn't do so at this time, but again, there would have to be a compelling reason to do so.

this doesn't mean we wouldn't do so at this time but again there would have to be a compelling reason to do so


all while offering their subscribers a sensational experience.


the documents to manage the buildings, they can use it. That is for the built space.

the documents to manage the buildings they can use it that is for the build space


But of course, the overall magnitude is much less pronounced than you see in Healthcare.

but of course the overall magnitude is much less pronounced than you see in healthcare


the fact that there are some large pharma and emerging biotechs also getting into the area. So

the fact that there are some large pharma and emerging biotechs also getting into the area so


and returns for our fund investors have been very good, even by our historical standards.

and returns for our fund investors have been very good even by our historical standards


Now as you may expect, the whales are characterized by longer sales cycles and complex deal structures

now as you may expect the whales are characterized by longer sales cycles and complex deal structures


and it's the area where Marvell has the greatest expertise.

and it's the area where marvell has the greatest expertise


There's a lot more workload potential in all of those customers. Some of them are

there's a lot more workload potential in all of those customers some of them are


as we go through the year. As I think about biosimilars in the future, I think

as we go through the year as i think about biosimilars in the future i think


either more hiring or a little more investment and be more back-end-weighted in the year?

either more hiring or a little more investment and be more back-end weighted in the year


and how many apartments we have that fall into these guidelines,


to around half of the expected market growth over the next years.


of course, will also put some additional


last year as well? And because you are reporting it for the first time. So I'm just trying to understand whether

last year as well and because you are reporting it for the first time so i'm just trying to understand whether


through the increase of financing expenses due to the revaluation of losses of hedging instruments.


In addition, as depicted in our investor presentation we filed as well,

in addition as depicted in our investor presentation we filed as well


We're excited about our future and the opportunities ahead. With that, let me turn it over to John.

we're excited about our future and the opportunities ahead with that let me turn it over to john


In addition to the fact that we spent a large amount on data centers in the previous year,

in addition to the fact that we spent a large amount on data centers in the previous year


and we'll continue to strengthen our infrastructure and risk management.


the cessation of our operations in Spain, the reversal of certain tax reserves,

the cessation of our operations in spain the reversal of certain tax reserves


one of the biggest competitive advantages that all lenders, for example, are trying to get

one of the biggest competitive advantages that all lenders for example are trying to get


yes, so I think we will watch the first few set of transactions,

yes so i think we will watch the first few set of transactions


due to its market diversity and due to its supply diversity.


Ladies and gentlemen, thank you for standing by,

ladies and gentlemen thank you for standing by


this is a prelude to a big event that we're going to have


have anything to do with that. Most of what we do in energy is in the completion end

have anything to do with that most of what we do in energy is in the completion end


are not contributing much in fees, in part because they are

are not contributing much in fees in part because they are


for our business as usual. Their work inspires me. Thanks for all you do.

for our business as usual their work inspires me thanks for all you do


rather than in the Investing Activities section, as in the past.

rather than in the investing activities section as in the past


that has a dilutive impact in our earnings right now because we continue to invest in it,

that has a dilutive impact on our earnings right now because we continue to invest in it


decided to capitalize on that. We did a very large integrated campaign that was

decided to capitalize on that we did a very large integrated campaign that was


We will continue to pursue these diversification opportunities going forward.

we will continue to pursue these diversification opportunities going forward


Keep in mind customers are quite aware that competition may be coming,

keep in mind customers are quite aware that competition may be coming


though we continue to see rental rates resetting when leasing and renewing.


due in part to the beneficial impact of our 2017 acquisitions.


So when it comes to newborn screening, there has been a lot of work done, both at the federal level and state level

so when it comes to newborn screening there has been a lot of work done both at the federal level and state level


with the demonstrated ability to scale to big project opportunities when they are presented to us.

with a demonstrated ability to scale to big project opportunities when they are presented to us


In line with our commitment to allocate capital effectively and in the best interest of our shareholders,

in line with our commitment to allocate capital effectively and in the best interest of our shareholders


We're always mindful of our total leverage and we'll continue to be diligent

we're always mindful of our total leverage and we'll continue to be diligent


So even some of the big-name guys have found that they need what we do.

so even some of the big name guys have found that they need what we do


As we add suppliers as hubs, they might only have 30 suppliers.

as we add suppliers as hubs they might only have 30 suppliers


And the Parts and Accessories businesses have been restructured into a much leaner organization.

and the parts and accessories businesses have been restructured into a much leaner organization


by all of our marketing and pricing strategies and


So you had an inversion from companies that were bringing us business

so you had an inversion from companies that were bringing us business


Currency headwinds have worsened since the guidance provided a quarter ago

currency headwinds have worsened since the guidance provided a quarter ago


a good estimate. And what was the second part of your question?

a good estimate and what was the second part of your question


and the wind doesn't blow all the time. But some people have apparently neglected that understanding.

and the wind doesn't blow all the time but some people have apparently neglected that understanding


We are participating down the credit stack with our mezzanine and preferred equity.

we are participating down the credit stack with our mezzanine and preferred equity


we have not experienced any other meaningful impact from Brexit on our business.

we have not experienced any other meaningful impact from brexit on our business


Meanwhile, we do continue to search for additional compelling opportunities

meanwhile we do continue to search for additional compelling opportunities


And so if we invoke our dividend policy,


We have invested a lot those recent years. We are happy now

we have invested a lot those recent years we are happy now


Please also take note of the safe harbor paragraph that appears at the end of the press release

please also take note of the safe harbor paragraph that appears at the end of the press release


And in the second quarter, the S.E.T. business was pressured a little more than the large joints

and in the second quarter the set business was pressured a little more than the large joints


A portion of the proceeds from that bond were used for the early redemption in April

a portion of the proceeds from that bond were used for the early redemption in april


which is a key objective of how we decide to participate.


Our discussion of financial results excludes the impact of acquisition and integration-related expenses,

our discussion of financial results excludes the impact of acquisition and integration-related expenses


allowing us to tightly manage our sales and marketing spend in light of this demand.


Having said that, I think we -- the way we are thinking about this is

having said that i think we -- the way we are thinking about this is


which would have driven more Q4 business had we been in better shape in those businesses.

which would have driven more q4 business had we -- had we been in better shape in those businesses


who benefit from either their marketing, software or data relationships with us.

who benefit from either their marketing software or data relationships with us


use certainly in the first few quarters is to hold the hands of their clients


We continue to see significant premium inventory potential in the Powder River Basin.

we continue to see significant premium inventory potential in the powder river basin


really make sure that we grow carefully by selecting high-quality customers


pretty much exclusively going to be making OSB this year in the Siding segment.

pretty much exclusively going to be making osd this year in the siding segment


of the company in the free market through its commercialization companies.


the hit we took in Q1 comparatively to the prior year really equated to

the hit we took in q1 comparatively to the prior year really equated to


at the same time as we make meaningful progress against our commitments to deliver sustainable growth at scale.


This outlook assumes the impact from the change in the tax law on municipal loans and securities,

this outlook assumes the impact from the change in the tax law on municipal loans and securities


We have a very granular deposit base, with a very high ratio of small balance accounts

we have a very granular deposit base with a very high ratio of small balance accounts


here currently? The main piece in that is the new equipment that was flowing through for us

your -- the main piece in that is the new equipment that was flowing through for us


business model and our ability to sell and grow that. And I see that

business model and our ability to sell and grow that and i see that


whether as a result of new information, future events or otherwise, except as required by law.

whether as a result of new information future events or otherwise except as required by law


much less impact on the manufacturing, and we've had some commercial wins

much less impact on the manufacturing and we've had some commercial wins


Following their remarks, we will open the line for questions. With that, I'm pleased to turn the call over to Mark.

following their remarks we will open the line for questions with that i'm pleased to turn the call over to mark


threatening a growing adverse impact in the future at the current growth rate.


reflecting improved pricing and the continued benefits of lower contained metal costs.


given the uncertainty we see in the global economy today and the volatility of some of the markets.


But part of being back to normal is to take the time to introduce our new CFO, who

but part of being back to normal is to take the time to introduce our new cfo who


and what we saw last week is that international bank was not willing to transfer the shares,


Please note that the call is being recorded and will be available for replay from the company's Investor website

please note that the call is being recorded and will be available for replay from the company's investor website


they have an understanding that you guys are a competent group of people and


like cloud computing, artificial intelligence, Internet of Things and virtual reality

like cloud computing artificial intelligence internet of things and virtual reality


I think in the press release, that you could do 24 tires a day

i think in the press release that you could do 24 tires a day


Jeff and I will then be available to answer your questions at the conclusion of our remarks.

jeff and i will then be available to answer your questions at the conclusion of our remarks


that we're beta testing right now and expect to roll out soon.


Probably, we may close the quarter with no loan growth because of the appreciation of the currency.

probably we may close the quarter with no long load because of the appreciation of the currency


potential approaches that can be meaningful, and so we're looking at both.

potential approaches that can be meaningful and so we're looking at both


I hope that answered your question, but we can talk about this for some time.

i hope that answered your question but we could talk about this for some time


kind of the economy, what happens with some of the policies

kind of the economy what happens with some of the policies


We can certainly operate effectively in that environment.

we can certainly operate effectively in that environment


when you look, you kind of have to peal the covers back, and we're not going to give too much detail on the call here. But

when you look -- you kind of have to peel the covers back and we're not going to give too much detail on the call here but


Before we get started with the results of the quarter, I need to reference the safe harbor statement.

before we get started with the results of the quarter i need to reference the safe harbor statement


The core SFS principles require agility to respond when business conditions change,

the core sfs principles require agility to respond when business conditions change


Management will be referring to non-GAAP financial measures during our call today.

management will be referring to non-gaap financial measures during our call today


and we've gotten comfort around what that looks like throughout the quarters


you have to look at everything that is going on around your business.


for enclosures for electronics. Alpha does more. Alpha does more than we do.

for enclosures for electronics alpha does more alpha does more than we do


Central America will expand faster than Colombia due to its more robust economic performance,

central america will expand faster than colombia due to its more robust economic performance


The call will be available online for approximately 45 days following today.

the call will be available online for approximately 45 days following today


In the first quarter, we continued to demonstrate our commitment to returning capital to investors.

in the first quarter we continue to demonstrate our commitment to returning capital to investors


Our confidence in the growth potential of our active strategies was born out in the second quarter.

our confidence in the growth potential of our active strategies was borne out in the second quarter


was a nice acquisition. But I would say, as I've been saying now for a number of months, and finally, we have some

was a nice acquisition but i would say as i've been saying now for a number of months and finally we have some


As you know, Air Products has a significant amount of cash,

as you know air products has a significant amount of cash


Slide 5 compares first quarter and fourth quarter adjusted earnings by segment.

slide 5 compares first quarter and fourth quarter adjusted earnings by segment


technically evaluating the fuel prior to being willing to make the commitment to us.

technically evaluating the fuel prior to being willing to make a commitment to us


As a consequence, we are pleased to see that the margin is progressing

as a consequence we are pleased to see that the margin is progressing


and for how long we're going to have that small investment drag on the profitability.


the case for all companies for their local business.


a significant component of which is making sure that we have an appropriate cost structure.


at the very beginning. And I think the organization's responded very nicely and all of those

at the very beginning and i think the organization has responded very nicely and all of those


quarter. Because the Chinese New Year


The group's solid results were achieved in the environment when the average

the group's solid results were achieved in the environment when the average


break out what percentage of your EMS sales are driven by that market in particular.

break out what percentage of your ems sales are driven by that market in particular


is the fact that it actually begins with segmentation. So we feel that

is the fact that that actually begins with segmentation so we feel that


just curious then what's the rationale behind that, you don't go ahead on your own

just curious that what's the rationale behind that you don't go ahead on your own


at a processing value level, so the company earns

at a processing value level so the company earns


Excluding stock compensation expense and changes in fair value of contingent liabilities,

excluding stock compensation expense and changes in fair value of contingent liabilities


during the current period as compared to the same period a year ago.


However, it is apparent that volumes have already started to decline

however it is apparent that volumes have already started to decline


As a result, we completed the year with strong growth in adjusted revenues and earnings,

as a result we completed the year with strong growth in adjusted revenues and earnings


And on top of it, we're seeing our business deliver very disappointing results. So

and on top of it we're seeing our business deliver very disappointing results so


We do want to time that investment with demand in the region.

we do want to time that investment with demand in the region


And so the way we think about it, it's a little bit more of a continuum

and so the way we think about it it's a little bit more of a continuum


In this context, let me briefly comment on our corporate strategy.

in this context let me briefly comment on our corporate strategy


through its deep operational focus that is based upon bringing together the best of the company's capabilities


Okay. And just sort of thinking a little bit further here because

okay and just sort of thinking a little bit further here because


why you're seeking the delay and how long you think this will take to resolve?


And that does not necessarily reflect what a fair market value of the asset is today.

and that does not necessarily reflect what a fair market value of the asset is today


very engaged conversation. To the extent that we can drive some amount of volume growth,

very engaged conversation to the extent that we can drive some amount of volume growth


different types of technology that are allowing us to have a little bit better value add.


and we can look ahead here over the next few quarters and see what's happening and it really looks like it's peaking out


So we have a number of questions now on


We've identified a number of candidates that represent substantial market opportunities

we've identified a number of candidates that represent substantial market opportunities


we're not sure how that's going to impact the markets. But I can tell you that

we're not sure how that's going to impact the market but i can tell you that


to improve the efficiency of our company


updating you again when we release our first quarter results. Thank you.

updating you again when we release our first quarter results thank you


But I don't know. I mean, the truth is we're just very focused on

but i don't know i mean the truth is we're just very focused on


As we look to the future, we will continue to execute initiatives to grow distribution capabilities,

as we look to the future we will continue to execute initiatives to grow distribution capabilities


some challenges on basically maintaining the productivity levels that we've seen recently


And so that's the visibility that we have comfort with at this point, and so that's why we shared those thoughts.

and so that's the visibility that we have comfort with at this point and so that's why we share those thoughts


where we want our actions to speak louder than our words.


there's so much focus on the weight data by necessity and


of growth, opportunities that we project will satisfy our return threshold.

seeking opportunities that we project will satisfy our return threshold


including a weakening Chinese market and high inventory levels throughout the supply chain.

including a weakening chinese market and high inventory levels throughout the supply chain


and the continued product investments is what ultimately contributed to that. So we got strong

and the continued product investments is what ultimately contributed to that so we got strong


With that, I will turn it over to Brian to discuss the performance within the segments.

with that i will turn it over to brian to discuss the performance within the segments


This is, of course, the first earnings release for the new holding company.

this is of course the first earnings release for the new holding company


This will allow us to continue deploying cash to organic growth opportunities and strategic acquisitions.

this will allow us to continue deploying cash to organic growth opportunities and strategic acquisitions


and for each of our segments to be within their respective annual ranges.


And I think the way to think about that trial is

and i think the way to think about that trial is


I'm excited to be presenting the first set of results following our recent acquisitions.

i'm excited to be presenting the first set of results following our recent acquisitions


The costs roughly the same. The benefit is the same. The impact the next year is the same,

the costs are roughly the same the benefit is the same the impact the next year is the same


over the course of the last year -- and obviously, this has been going on for a number of years, but

over the course of the last year and obviously this has been going on for a number of years but


as a result of implementing new electronic medical record systems.


Now I finish with different views on our specific

now i finish with different views on our specific


produced the entire quarter and we saw an increase of 6% production over the previous quarter.


We need to become fast and simple in order to capture the opportunities

we need to become fast and simple in order to capture the opportunities


the pipeline also this year is very rich to fuel the growth.


and has the complete focus of the entire leadership team. This is not a technology project.

and has the complete focus of the entire leadership team this is not a technology project


and the action has been very, very vivid and moving forward.

and the action has been very very vivid and moving forward


In addition to the effect of lower revenue from mobile phone base stations in Japan,

in addition to the effect of lower revenue from mobile phone base stations in japan


And they don't like the idea of working off of somebody else's system.

and they don't like the idea of working off of somebody else's system


But we are seeing this thing bottoming out now, and we believe we're going to be able to drive some growth

but we are seeing this thing bottoming out now and we believe we're going to be able to drive some growth


and this is something that we actually expected from the past because the duration


in the sweet spot for enhancing our capabilities in those areas. And as I mentioned,

in the sweet spot for enhancing our capabilities in those areas and as i mentioned


there's a couple of other things I might point you to, One was

there's a couple of other things i might point you to one was


And I'd like to congratulate our newest class of service stars that we honored last month.

and i'd like to congratulate our newest class of service stars that we honored last month


And now that we're sort of during the budgeting cycle for pretty much all companies in the industry,

and now that we're sort of during the budgeting cycle for pretty much all companies in the industry


There are several key factors that contribute to our full year outlook, including

there are several key factors that contribute to our full year outlook including


product offering and any color you can add around that, and then if I can, add a couple of others.

product offering and any color you can add around that and then if i can add a couple others


Now in terms of the manufacturing integration, I think one of the things you're probably aware of

now in terms of the manufacturing integration i think one of the things you're probably aware of


That's going to take place over the course of the rest of the year, I think.

that's going to take place over the course of the rest of the year i think


And then typically, we're able to get a little bit more amendment revenue on top of that.

and then typically we're able to get a little bit more amendment revenue on top of that


very nice bidding months for the State of California. I don't see it slowing down at all

very nice bidding months for the state of california i don't see it slowing down at all


This morning, we also announced that we've submitted an election to the IRS to be treated as a corporation

this morning we also announced that we've submitted an election to the irs to be treated as a corporation


And as I mentioned previously, this equates to total revenue being up

and as i mentioned previously this equates the total revenue being up


or will crystallize as we get into the second half of the year, is making us feel very comfortable

are will crystallize as we get into the second half of the year is making us feel very comfortable


And again, the comparison gets significantly easier as you go through the balance of the quarter.

and again the comparison gets significantly easier as you go through the balance of the quarter


Let me remind you of these priorities and update you on some of the advances we've made.

let me remind you of these priorities and update you on some of the advances we've made


sector globally, and we want to be prepared for that. So this is very much

sector globally and we want to be prepared for that so this is very much


Earlier, we talked about changing the pace of shipments.

earlier we talked about changing the pace of shipments


has leveraged the increase in consumer and patient interest in the branded anti-obesity category


This concludes today's conference. Thank you for your participation. You may disconnect your lines at this time.

this concludes today's conference thank you for your participation you may disconnect your lines at this time


And I think what gives the regulators and the lawmakers comfort is that it's working.

and i think what gives the regulators and the lawmakers comfort is that it's working


Our focus on bringing therapies to patients who do not have adequate treatment options

our focus in bringing therapies to patients who do not have adequate treatment options


The last well in the program is currently being drilled and will be on production this quarter.

the last well of the program is currently being drilled and will be on production this quarter


But I think you stated on a previous call that there's many, many ways to get into China.

but i think you stated on previous call that there's many many ways to get into china


doing and how we've been recognized as a quality producer over there?


is contained in our earnings press release issued prior to today's call.


I didn't hear the last part of the question, Chris. Can you ask it one more time, please?

i didn't hear the last part of the question chris can you ask it one more time please


And we continue to drive very good results from our cost savings initiatives.

and we continue to drive very good results from our cost savings initiatives


irrespective of the kind of market that we're in because there are, I think, good opportunities to enhance what we do

irrespective of the kind of market that we're in because there are i think good opportunities to enhance what we do


have caused market prices on resource commodities to further decrease since the beginning of this year.


remains at the lower end of Western European peers.

remains at the lower end of western european peers


no incremental desire to get something done quick before rates go up too much more?

there's no incremental desire to get something done quick before rates go up too much more


So heading into our end of Phase II meeting with the agency in late January,

so heading into our end of phase ii meeting with the agency in late january


As a reminder, our current guidance excludes any future spending from this program.

as a reminder our current guidance excludes any future spending from this program


And completed the last tasks of many open projects, especially in Europe.

and completed the last tasks of many open projects especially in europe


At which point, we expect to start seeing a meaningful contribution to our top line.

at which point we expect to start seeing a meaningful contribution to our top line


I remind you that none of these communities is a part of our same-store portfolio, and

i remind you that none of these communities is a part of our same-store portfolio


reflecting increased activities associated with our DCR-PHXC program

reflecting increased activities associated with our dci phxc program


These slides serve as a reference point for some of what Willy and Steve will touch on this morning.

these slides serve as a reference point for some of what willie and steve will touch on this morning


In advance of this, especially with a lot of the traffic that we were during the second quarter,

in advance of this especially with a lot of the traffic that we were doing during the second quarter


in that bank distorts a little bit


the crude group is working closely with our water team to provide multiple services to producers.

and the crude group is working closely with our water team to provide multiple services to producers


We plan to continue to reinvest in the business for growth as our top priority.

we plan to continue to reinvest in the business for growth as our top priority


it feels like sharing that portion with our employees


but we're very much willing to rethink it if circumstances warrant it.


Looking ahead, we're feeling very positive about how Capital Bank is positioned.

looking ahead we're feeling very positive about how capital bank is positioned


we are interested in getting more partners to engage more and buy more products


Thank you, and welcome all to Ship Financial International and our Third Quarter Conference Call.

thank you and welcome all to ship finance international and our third quarter conference call


So it's still a mechanized approach, but it's directed towards more narrow vein mining.

so it's still a mechanized approach but it's directed towards more narrow vein mining


Expected increases in compensation expenses due to higher collector staffing levels

expected increases in compensation expenses due to higher collector staffing levels


that's for sure and we don't give any guidance specifically how we expect that to


focused on content not software, and then we quickly learned that the clients were

focused on content not software and then we quickly learned that the clients were


Marketing has to be more personalized. So it can't just be a blanket offer.

marketing has to be more personalized so there can't just be a blanket offer


As soon as we have the save the date, we will send it to all of you, okay?

as soon as we have the save the date we will send it to all of you okay


and hampers the development of numerous promising new medicines and novel modalities.


that we're placing in these markets of Middle America and in the south. So

that we're placing in these markets of middle america and in the south so


Together with Allergan, we intend to vigorously protect the linaclotide franchise

together with allergan we intend to vigorously protect the anaclytide franchise


We went through an organization change in April.

we went through an organization change in april


as an increased level of off-hire from regulatory dry-docking during the quarter

as an increased level of off hire from regulatory dry docking during the quarter


The prepared comments management will cover here are the same as those covered on the earlier call.

the prepared comments management will cover here are the same as those covered on the earlier call


compelling clinical profile and because through our


from the law? And then the second question on the dynamics of the free cash flow.

from the law and then the second question on the dynamics of the free cash flow


Did you get any color from them in terms of receiving

did you get any color from them in terms of receiving


The financial results we have delivered are roughly 1 year ahead of schedule.

the financial results we have delivered are roughly 1 year ahead of schedule


That's a bracket of something that I was looking for.

that's a bracket of something that i was looking for


We also saw some softness in the foundry demand during the quarter.

we also saw some softness in the foundry demand during the quarter


This will deliver additional benefits to our cost base

this will deliver additional benefits to our cost base


So it's really good to have John in this role, not because the tire plants need help building better tires or

so it's really good to have john in this role not because the tire plants need help building better tires or


Our consumer segment was particularly challenging this quarter and I'll talk about that here shortly.

our consumer segment was particularly challenging this quarter and i'll talk about that here shortly


A lot of them have applied for permits and are being turned down by their cities and municipalities. And

a lot of them have applied for permits and have been turned down by their cities and municipalities


contracts that you're getting and therefore building the backlog and revenue,


We believe these dynamics provide a substantial market opportunity for our modular solutions.

we believe these dynamics provide a substantial market opportunity for our modular solutions


Certain information discussed on this call, including information related to portfolio companies,

certain information discussed on this call including information related to portfolio companies


So I would say that the fourth quarter was especially

so i would say that the fourth quarter was especially


and we will continue to keep you updated as we move forward.


So at a minimum, we expect to be at the midpoint toward that high end for the year.

so at a minimum we expect to be at the midpoint toward the high end for the year


in our line of sight and not predicting as we move forward where it could go.


You can get a whole lot of special effects that we've now got doors with insulation. You can get the Dulux Color

you can get a whole lot of special effects that we've now got doors with insulation you can get the dualux color


and converted a total of 11 restaurants to the Grand Saladier program.

and converted a total of 11 restaurants to the grand salade program


we need to be successful outside the province. That's not new, I've been saying that for

we need to be successful outside the province that's not new i've been saying that for


In addition, past results are not necessarily an indication of future performance.

in addition past results are not necessarily an indication of future performance


momentum we have in all our businesses and customer retention and traction and expansion strategies.

momentum we have in all our businesses and customer retention attraction and expansion strategies


but it may not. And it really depends on the circumstance at the time. And it might different if it's 1 year from now

but it may not and it really depends on the circumstances of the time and it might be different if it's 1 year from now


the point that I made earlier about the number of customers that we now have live on the new platform.

the point that i made earlier about the number of customers that we now have live on the new platform


that will evaluate the risk profile of the opportunity and then bring it to underwriting.


voice of the customer as to what are their needs and desires and how can that fuel

voice of the customer as to what are their needs and desires and how can the fuel


Actual results may differ materially from those expressed or implied in our forward-looking statements.

actual results may differ materially from those expressed or implied in our forward-looking statements


to try and get that cost performance better than what's shown there.


Page 15 of our supplemental package shows aggregate revenues generated by our Thousand Trails properties.

page 15 of our supplemental package shows aggregate revenues generated by our 1 000 trails properties


As we see new challenges emerge in the market, Ellington Financial's focus remains the same.

as we see new challenges emerge in the market allenconnect financial's focus remains the same


market gives you a sense for the potential of the molecule longer term


the negative trend observed in the last quarters of reduction in the balances of our portfolio.


create a picture. But you're right, we don't have a perfect window into the international guests.

create a picture but you're right we don't have a perfect window into the international guest


In addition, we're pleased to report the following accomplishments.

in addition we're pleased to report the following accomplishments


really better than industry growth, and that's primarily because we think that there's advantage to

really better than industry growth and that's primarily because we think that there's advantage to


result for us as well, which are driving nice bookings productivity also.

result for us as well which are driving nice bookings productivity also


This call is being webcast live and will be available on our website and on telephone taped replay.

this call is being webcast live and will be available on our website and on telephone taped replay


against competing projects. I think you're aware we have a number of factors we think that

against competing projects i think you're aware we have a number of factors we think that


new product can be in place by September? Or is this really a much deeper

new product can be in place by september or is this really a much deeper


While it is possible that we will have some catalyst sales to this customer next year,

while it is possible that we will have some catalyst sales to this customer next year


and so we had to put more money into working capital in this second quarter. So

and so we had to put more money into working capital in the second quarter so


This is driven by the increased relative size of our businesses in Russia and the North Sea,

this is driven by the increased relative size of our businesses in russia and the north sea


and has quickly been established as a revolutionary treatment to cancer patients


Can you help me and tell me where you think the 10 year is going to be in that period of time?

can you help me and tell me where you think the tenure is going to be in that period of time


We had to have it, so we're rolling that out in Q1 and announcing that here

we had to have it so we're rolling that out in q1 and announcing that here


it will actually be the positive income -- impact rather than negative impact

it will actually be the positive income impact rather than negative impact


on its operational and financial achievements of the last 3 integration years.


and the better for the shareholder over the long run. So that's really the answer on why now.

and the better for the shareholder over the long run so that's really the answer on why now


Actual results may differ materially from those statements due to a variety of important factors

actual results may differ materially from those statements due to a variety of important factors


We believe that the success of our strategy and value that we provide to clients

we believe that the success of our strategy and value that we provide to clients


much better about going down the path with this particular buyer rather than the previous buyer.


and quite frankly the level of progress we have made transforming the company in such a short period of time.


so we have a strong emphasis on that. It's too small a percentage of our business and we need to grow

so we have a strong emphasis on that it's too small a percentage of our business and we need to grow it


to the benefit of all consumers and payers across the spectrum of health care.


Despite the increased competition, Austin continues to be a great opportunity for us.

despite the increased competition austin continues to be a great opportunity for us


as we run line hauls between Atlanta and several other smaller markets in the Southeast,

as we run line hauls between atlanta and several other smaller markets in the southeast


I think one of the big questions on people's mind is how long can we keep this up?

i think one of the big questions on people's minds is how long can we keep this up


broadcast company. In particular, Gray posted its highest ever totals

broadcast company in particular gray posted its highest ever totals


There is a lot of needs in electromagnetic simulation

there is a lot of needs in electromagnetic simulation


our new investment approach. So if I look at our total assets under management,

our new investment approach so if i look at our total assets under management


introducing new and innovative categories, incorporating digital experiences

introducing new and innovative categories incorporating digital experiences


flowing over the island and causing severe erosion to roadways, foundations

flowing over the island and causing severe erosion to roadways foundations


Okay. And can you tell us the proportion of scripts that are coming from Medicare?

okay and can you tell us the proportion of scripts that are coming from medicare


We come out well ahead of the national averages for both public and private providers.

we come out well ahead of the national averages for both public and private providers


Our efforts to delever the company by reducing the amount of debt outstanding

our efforts to delever the company by reducing the amount of debt outstanding